If it’s been awhile since you’ve adjusted your brand, it may be time. Your brand defines who you are, distinguishes you from the competition, helps determine how your organization is perceived in the marketplace, and can help you win or lose new business.
Data shows that a strong brand is good for the bottom line. From April 2006 to April 2018, the top 100 brands outperformed both the S&P 500 and MSCI World Index, growing 172.1% versus 102% and 50.3%, respectively.*
Often, you may need only a tweak here or there, not need a complete rebranding – but, how can you determine what, if anything, needs to change? Ask yourself these three questions:
Question 1: Does your brand celebrate your value?
The way you serve clients may have evolved over time to better suit their needs. Periodically, reassess your value proposition to gauge whether it continues to reflect the value you provide and resonates with your target audience. Make sure your message is not about the products you provide, but the role you play in filling client needs, underscoring key points of differentiation. Your brand should promote your value proposition and the benefits you provide, drive your market positioning and, ultimately, grow your business.
Question 2: Has your market changed?
You should reassess your brand any time your organization enters a new market, introduces new products, expands its footprint or acquires another organization. Even if none of these events has occurred, the world around you is changing (think Robo Advisors and Millennials, who stand to inherit trillions and transact very differently from their parents).
In addition, because communication is increasingly delivered digitally – even for traditional financial service organizations – you need to ensure your logo and visual brand work well across platforms. Many financial organizations have simplified their logos to work well on the smaller scale of digital. American Express and MasterCard are good examples.
Question 3: Does your organization aspire to be more?
When Starbucks first branded, they sold coffee, tea and spices and that’s what their logo indicated. Since then, it has expanded its product line extensively and refined its logo accordingly. Consider your organization’s long-term goals and make sure your brand messaging, look and feel put you in a good position to take advantage of future opportunities.
Finally, maybe because it’s been so long since you’ve updated your brand, it has become stale. Have you delivered your message in the same way so many times the market simply isn’t hearing you? If your messaging, market or organization has changed, or you want clients and prospects to look at you differently, it may be time to refresh your brand.
*Source: BrandZ Top 100 Most Valuable Global Brands, 2018